Issuance of catastrophe bonds reached a new record in 2014 as rising demand for relatively high yields pushed insurers to do more and larger deals to offload an ever wider variety or risks from natural disasters.

As of Dec. 18, $8.03 billion of catastrophe bonds were sold, according to reinsurance broker Aon Benfield. Even before a few additional deals likely to close by year’s end, that tops the previous record of $7.86 billion, reached in 2007. And it brings the total amount of catastrophe bonds outstanding to more than $22 billion. 

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